The saying that "data is the gold of the 21st century" has been encountered by almost everyone in recent years. But there is a crucial difference between data and gold. Data only have value when you use them. In order to enable usage, something has to change in many cases – the data have to be democratized.
In an analysis of the causes of the financial crisis of 2008, the European Central Bank (ECB) and many other regulatory authorities discovered, inter alia, major deficiencies in institutional IT and data architecture. As a result of these deficiencies, risk assessments could not be performed sufficiently quickly and accurately, and not completely either. In short: Risks could neither be reported nor controlled to an appropriate extent. In the wake of this lesson, the Basel Committee on Banking Supervision (BCBS) published standard 239, widely known through press releases and also referred to as the "principles for effective risk data aggregation and risk reporting" and AT 4.3.4 of MaRisk.
Just as most of us prefer harmonic chords to dissonance in music, value creation is maximized only by harmonizing data strategy, data organization and data governance. We will address the most important issues and provide successful examples.
Currently, a popular component of Cloud Data Platform Architectures is a Data Lake. If you are curious about the implementation and services for a Data Lake with AWS, have a look at those blogposts. An architecture which provides transparency about the Data in the Data Lake and makes it smoothly available for further analytics in a Data Warehouse, is called a Data Lakehouse. Click here.
